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  • #76
    And since you now seem to agree with my views....



    ....my work here would seem to be done.
    Your work isn't done, since that was only my bone of contention your fantasyland. My true bone of contention is your statement that the interbank market doesn't affect lenders.

    Repeatedly addressed - the question is not whether developments in interbank lending affect in some ill-defined capacity the other high street lenders, it is whether this will have any real implications in practice for them, their customers, or for the UK housing market:
    "September 14, 2007

    Halifax, the UK’s largest mortgage lender, has increased interest rates for new customers across a range of its home loans.

    The bank has raised rates on certain tracker mortgages by between 0.1% and 0.2%, depending on the size of the loan.

    The move follows a similar increase made mid-week by Abbey, and other lenders are now expected to follow suit.

    Mortgage providers are now being forced to pass on the higher costs of borrowing money on the wholesale markets."
    DISCLAIMER: the author of the above written texts does not warrant or assume any legal liability or responsibility for any offence and insult; disrespect, arrogance and related forms of demeaning behaviour; discrimination based on race, gender, age, income class, body mass, living area, political voting-record, football fan-ship and musical preference; insensitivity towards material, emotional or spiritual distress; and attempted emotional or financial black-mailing, skirt-chasing or death-threats perceived by the reader of the said written texts.

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    • #77
      Originally posted by Tingkai
      Take your profit DanS and sit out until the end of October.
      Well, a couple of days ago I decided that I was too much of a pussy to sell the investment, and instead decided to hold on for dear life. I justified it by some pseudo-intellectual bull**** about the Roaring 20s, believe it or not.

      In the meantime, it went up another 10%. One hell of a ride.
      I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891

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      • #78
        You know, you can avoid italicizing one of the letters if you just put the tags right next to each other - e.g. pu[italic][/italic]ssy.

        Comment

        • #79
          Ah....

          Thanks!
          I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891

          Comment

          • #80
            Originally posted by Colonâ„¢


            Your work isn't done, since that was only my bone of contention your fantasyland. My true bone of contention is your statement that the interbank market doesn't affect lenders.



            "September 14, 2007

            Halifax, the UK’s largest mortgage lender, has increased interest rates for new customers across a range of its home loans.

            The bank has raised rates on certain tracker mortgages by between 0.1% and 0.2%, depending on the size of the loan.

            The move follows a similar increase made mid-week by Abbey, and other lenders are now expected to follow suit.

            Mortgage providers are now being forced to pass on the higher costs of borrowing money on the wholesale markets."
            I've reread the thread and do not see the statement you refer to. I've been clear throughout and have stated my predictions multiple times.

            As for the developments with Halifax again the question is does this presage major turbulence in the housing market. My view remains that it will not.

            I tire of this as there is no way at this stage we will see who is right. But time will tell.

            Comment

            • #81
              I think that Spike and I have a pretty clear view of the arguments. I have no problem with waiting 6 months to see where this lands. After all, if my understanding holds weight, the results of a shock of this magnitude can't be erased without some serious pumping -- IIRC, even the S&L crisis in the US didn't see runs on banks like this. Quite frankly, I'm baffled why you are fighting it, Colon.
              Last edited by DanS; September 19, 2007, 11:13.
              I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891

              Comment

              • #82
                Indeed - I only intend on posting further on this when there is more information to hand.

                Comment

                • #83
                  Originally posted by DrSpike
                  I've reread the thread and do not see the statement you refer to. I've been clear throughout and have stated my predictions multiple times.
                  "It's just Northern Rock, a small lender, and as far as I can see the recent problems are more indicative of their poor decisions than widespread issues."

                  "...I'm not concerned as I said before because it doesn't look like affecting the other big lenders."

                  To which I replied that the interbank market of course affects other big lenders. I subsequently also clarified that I was (specifically) addressing your point there aren't widespread issues. The widespread issue I am thinking of being the squeeze in short-term debt. I'll just assume you agree the price of lending on the high-street is connected to the cost of wholesale borrowing, but for some reason continuously chose to refer to your prediction in reaction.

                  Originally posted by DanS
                  I think that Spike and I have a pretty clear view of the arguments. I have no problem with waiting 6 months to see where this lands. After all, if my understanding holds weight, the results of a shock of this magnitude can't be erased without some serious pumping -- IIRC, even the S&L crisis in the US didn't see runs on banks like this. Quite frankly, I'm baffled why you are fighting it, Colon.
                  I'm not arguing that the direction of the UK housing market is uncertain. I'm just disputing his apparent view on the relationship between the interbank market and lenders. You haven't said anything I disagree with and I don't understand why you think it's necessary to make snide remarks.
                  DISCLAIMER: the author of the above written texts does not warrant or assume any legal liability or responsibility for any offence and insult; disrespect, arrogance and related forms of demeaning behaviour; discrimination based on race, gender, age, income class, body mass, living area, political voting-record, football fan-ship and musical preference; insensitivity towards material, emotional or spiritual distress; and attempted emotional or financial black-mailing, skirt-chasing or death-threats perceived by the reader of the said written texts.

                  Comment

                  • #84
                    The worst that I could be accused of in this situation is showing some deference to the Ph.D. Besides, I just don't think it will be too difficult to extract an "I was wrong" from Spike in 6 months, should the Brit real estate market go tits up or experience strong headwind.
                    I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891

                    Comment

                    • #85
                      The impact on the housing market isn't my beef with him. I really can't be clearer than that. All in all, my argument with DrSpike isn't any of your business.
                      DISCLAIMER: the author of the above written texts does not warrant or assume any legal liability or responsibility for any offence and insult; disrespect, arrogance and related forms of demeaning behaviour; discrimination based on race, gender, age, income class, body mass, living area, political voting-record, football fan-ship and musical preference; insensitivity towards material, emotional or spiritual distress; and attempted emotional or financial black-mailing, skirt-chasing or death-threats perceived by the reader of the said written texts.

                      Comment

                      • #86
                        Touchy, touchy.
                        I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891

                        Comment

                        • #87
                          Originally posted by DanS
                          The worst that I could be accused of in this situation is showing some deference to the Ph.D. Besides, I just don't think it will be too difficult to extract an "I was wrong" from Spike in 6 months, should the Brit real estate market go tits up or experience strong headwind.
                          I am in a no lose situation because if the market goes tits up I doubt my cardboard box will have broadband, so Colon will have to find me on skid row to gloat.

                          Comment

                          • #88
                            I think I'll rather get back to those comments of you, as you wouldn't be able to hide behind that "let's see" anymore.
                            DISCLAIMER: the author of the above written texts does not warrant or assume any legal liability or responsibility for any offence and insult; disrespect, arrogance and related forms of demeaning behaviour; discrimination based on race, gender, age, income class, body mass, living area, political voting-record, football fan-ship and musical preference; insensitivity towards material, emotional or spiritual distress; and attempted emotional or financial black-mailing, skirt-chasing or death-threats perceived by the reader of the said written texts.

                            Comment

                            • #89
                              Originally posted by Colonâ„¢


                              "It's just Northern Rock, a small lender, and as far as I can see the recent problems are more indicative of their poor decisions than widespread issues."

                              "...I'm not concerned as I said before because it (SP: need full posts for context) doesn't look like affecting the other big lenders."
                              These? Perfectly sound and (unlike some other comments in this thread) entirely consistent with what we've seen so far, as well as in 6 months I'll wager.

                              Comment

                              • #90
                                If you'd explain why the interbank market isn't something that affects other lenders, then this discussion would end an instant.

                                Maybe your understanding of "affecting" implies something entirely different than my understanding. Maybe you hold it synonymous to "going belly up", whereas I don't. Could be, but since you only repeat the let's see in six months line like a broken record, I don't know.
                                DISCLAIMER: the author of the above written texts does not warrant or assume any legal liability or responsibility for any offence and insult; disrespect, arrogance and related forms of demeaning behaviour; discrimination based on race, gender, age, income class, body mass, living area, political voting-record, football fan-ship and musical preference; insensitivity towards material, emotional or spiritual distress; and attempted emotional or financial black-mailing, skirt-chasing or death-threats perceived by the reader of the said written texts.

                                Comment

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